Many of my clients are looking for investment properties, so today I’ll provide you all some tips about how to be a successful investor.
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Since many of my clients are looking to become real estate investors, today I thought I’d share a few tips regarding what it takes to be successful if you make the decision to invest.
1. Know what it means to get a good deal. It’s not just about getting the right price; some people see a property with a low price and think of it as a great way to make money. Besides negotiating a good deal on price, you should also look at whether that property is located in an appreciating area. A good investment property is one located where there are jobs available, there’s a good rental market, and where the economy, in general, is on an incline.
2. Have an exit strategy. Just like with stock, when you’re going into a real estate investment, you want to buy low and sell high. If you intend to hold onto the property for one year, your plan should be different from one in which you plan to hold the property for, say, 20 years. Having a plan before you make the investment will help you think about important things such as whether the property will provide you with monthly cash flow or whether it will appreciate over longer periods of time. Your exit strategy will make sure that you’re buying the correct property per your goals.
A good investment property is one located where there are jobs available, there’s a good rental market, and where the economy, in general, is on an incline.
3. Have cash in reserves. If you’re doing a long-term investment, consider whether your property is a cash flow property and whether you will have enough cash to allow you to make improvements to it. Be sure to have a reserve of cash on hand so that you can handle any unexpected costs or make any necessary repairs or improvements to keep your tenants happy and your investment stable.
If you have any questions or comments about investing in real estate, please feel free to reach out to us. We look forward to hearing from you!
